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13.01.2014 10:11 AM
Elliott wave analysis of EUR/NZD for January 13, 2014

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Today's Support and Resistance levels:

R3: 1.6499

R2: 1.6475

R1: 1.6446

Current spot: 1.6442

S1: 1.6397

S2: 1.6342

S3: 1.6288

Technical summary:

Red wave extended to its maximum retracement target at 1.6575, but it also stopped there for a reversal lower in red wave v. We will be looking red wave v lower to 1.6342 as the first target and possibly even lower towards 1.6288, before red wave v and black wave (iii) is over. Once black wave (iii) is over we will be looking for black wave (iv) to below 1.6575 and then the final black wave (v) lower to 1.6200.

Trading recommendation:

Stay short from 1.6515 move your stop lower to 1.6500 and take profit at 1.6350 and be ready to resell EUR at 1.6525 with a stop at 1.6580.

Summary
Urgency
Analytic
Torben Melsted
Start trade
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